Boost Oxygen sells bottles with 95% pure oxygen. Many assume it’s a hoax because, after all, oxygen is everywhere. In reality, it’s hard to get clean air during recreational activities. Kevin O’Leary realized this and made a deal with the founders, Mike Grice and Rob Neuner.
Now, Boost Oxygen is worth $15 million.The estimate is based on revenue performance, retail presence, and extrapolated growth not audited financial statements.
Founder Origins
Mike Grice and Rob Neuner are from Milford, Connecticut. Grice studied Business Administration and Management at the University of Colorado Denver. He also spent time serving in the United States Marines.
Mike went to the American Public University System and got a master’s degree in Military Science. Later on, he attended USC Marshall School of Business to get an MBA. Rob Neuner was a businessman at heart, but most of his early endeavors were in Europe, importing beer across the continent.
Boost Oxygen’s Founding Story
Neuner was always traveling to the Czech Republic for business and used supplemental oxygen when he had jet lag. He spotted a new opportunity after discovering that there were no bottled oxygen providers in the US.
Thus, he left the beer importing industry and went to America. There, he linked up with Mike Grice to officially launch Boost Oxygen in 2007. Like every other supplemental oxygen product, it was not FDA-approved.
However, it had real benefits and no side effects. Its 95% oxygen content was a big difference from the 25% in the open air. With this, the company made $6.4 million in sales with a $1.5 million profit before seeking help from angel investors.
Post Show Growth
Since appearing on Shark Tank, the firm’s sales have skyrocketed to new heights. The brand increased its presence from about 4,000 stores before the show to over 8,000 retail locations, including major chains such as Walmart, CVS, Kroger, Dick’s Sporting Goods, and more.
Boost Oxygen is reportedly selling like hotcakes in high-altitude areas such as Colorado. They started offering oxygen in different flavors, which gained popularity in malls. The brand also became a favorite among many fitness enthusiasts, triathletes and even football teams are customers.
In 20201, Boost Oxygen reported $17 million in revenue, up from $12 million in 2020. In early 2022, Rob Neuner (founder and CEO), stated a goal of $25 million in revenue for that year.
Yahoo Finance claimed in late 2024, that the company had achieved $82 million in revenue, though this figure seems notably higher than other estimates and annual reports and may represent a market projection or total sales over time rather than a single year’s revenue. Due to the range of revenue figures, Boost Oxygen is worth an estimated $15 million.
Boost Oxygen holds a dominant share of the non-prescription, canned oxygen market, with sources citing a market share of over 90%. It will be interesting to see if the product can maintain strong sales or if the hype will fade away. One thing is for sure, the other Sharks missed out on a huge winner!
The Shark Tank Episode
Mike and Rob appeared on Shark Tank in 2019, the company was already successful but still wanted to expand. So, they pitched their business on season 11, seeking $1 million for 5% equity.
The product was highly unique, but it was their numbers that caught the attention of the Sharks. However, some of them were afraid that the learning curve for potential customers to appreciate the benefits of bottled oxygen was too high.
Mr. Wonderful, Kevin O’Leary, was the only one who was willing to take the risk. He offered to lend $1 million at 9% interest for 7.5% equity. O’Leary was countered with a $1 million loan, 7.5% interest, and 6.25% equity. They accepted the deal and the rest is history!
